Insurance premiums up four percent

Gross written insurance premiums increased four percent to $1.63 billion in 2017 compared with the previous year, according to the Association of Insurance Companies (ACAL).

Non-life insurance premiums continue to account for around 69 percent of total premiums with the remaining 31 percent consisting of life insurance premiums.

The insurance companies realized a net investment income of $158.4 million, up 15 percent compared with 2016.

Indemnities paid by insurance companies rose nine percent year-on-year to $965.8 million. Medical claims decreased to 36 percent of total claims in 2017, down from 38 percent in the previous year. The proportion of motor claims dropped to around 22 percent from nearly 23 percent in 2017.